Use the standard deduction or itemize

Assignment Help Finance Basics

Reference no: EM13257630

Assume someone is married, combined they make $45,000, and own a house on which they owe $100,000. They give 10% of their income to charity, pay 5.5% interest on their mortgage (they have an interest-only loan and have made no principal reductions), and had $3,200 in medical expenses. Would they be better off to use the standard deduction or itemize? Make sure that you show your work on each circumstance and the overall benefit of the method you determined to be best.

Reference no: EM13257630

Questions Cloud

How can a manager reach the organizations tipping point : How can a manager reach the organization's tipping point without extra resources and what skills do you have that you think will make you an effective planner and strategic manager?

Understanding the auditors report and the process : Explain why each of these terms is important for understanding the auditors' report and the process.

Explain acid solution and deep green in alkaline solution : An indicator has a pKa of 5.7 . It is colorless in acid solution and deep green in alkaline solution.

What is the current share price : If the required return is 11 percent and the company just paid a $1.45 dividend, what is the current share price?

Use the standard deduction or itemize : Make sure that you show your work on each circumstance and the overall benefit of the method you determined to be best.

Which would be studied the benefit of placing the panels : Determine the number of colectors required and the cost of auxiliary power in a facility that provides hot water to a community of 34 residents. Which would be studied the benefit of placing the panels tilted at 18 degrees relative to the horizont..

How many slits will the light pass through : You shine violet light through a diffraction grating (200 lines/cm) on a screen 2.0 m from the grating. The width of the light beam is 0.15 mm. How many slits will the light pass through

Conceptual framework for business organizations : Identify the primary components of the conceptual framework for business organizations and explain the purpose of each component.

Explain three acid-base indicators - methyl prance : Given three acid-base indicators - methyl prance ( end point at pH 4 ) bromthymol blue ( end point at pH 7) , and phenolphthalein ( end point at pH 9) select a suitable indicator for the following titrations.

User Account

All Pages